Toyota Motor Corp. reported on Wednesday a net profit of 552.2 billion yen ($4 billion) for the first quarter, up from 533.8 billion yen ($3.9 billion).
Quarterly sales surged almost 20% to 9.69 trillion yen ($72 billion). According to the automaker, the rise in sales was complemented by the fact that the global chip supply shortage has subsided as of late.
Global automakers were affected by the chip shortage, which was caused by work restrictions that were implemented because of the coronavirus pandemic. This led to a major halt in production.
From January through March, Toyota experienced rising sales across several global markets, including Japan, the United States, and Europe, along with several regions across Asia, the Middle East, and South America.
Toyota confirmed in a statement that it is committed to fueling further growth and expanding its ecological offerings, including hybrids, plugins, and battery electric vehicles. New company CEO Koji Sato confirmed that the company needs to expand its EV offerings in order to compete with market leaders such as Tesla and BYD.